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Anglo Asian Mining PLC

Anglo Asian to carry out first comprehensive survey of Gedabek area

An airborne geophysical study will be carried out over the coming weeks, the first survey of this type carried out in Azerbaijan

survey plane
Anglo wants to find new gold and copper targets for drilling

Anglo Asian Mining Plc (LON:AAZ) is to carry out an airborne geophysical survey over its Gedabek contract area in Azerbaijan as it looks to identify a pipeline of new gold and copper targets.

The survey, to be carried out by Canadian firm Geotech Limited, will cover the entire 300 square kilometre area and is expected to begin in the coming weeks.

AIM-quoted Anglo wants to discover new targets in order to enhance its production profile. The company is currently forecasting 2018 production of between 74,000 and 84,000 gold equivalent ounces.

It has proven in the past that it can move quickly from first discovery through to production, as shown by the Ugur open pit mine which took 11 months from discovery to gold pour.

“This is the first comprehensive survey not only of the entire Gedabek site but is the first of its type to be carried out in Azerbaijan,” said director of geology and mining Stephen Westhead.

“It is an important milestone in realising Gedabek's significant mineralisation potential. We are already aware of many gold and copper mineral occurrences at Gedabek, and this survey should provide information on mineralisation trends at depth, thus allowing for focused future ground-based follow-up work.”

Quick facts: Anglo Asian Mining PLC

Price: £1.32

Market: AIM
Market Cap: £150.43 m
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